Magnetic resonance imaging (MRI) is widely used in clinical practice for visualizing both biological structure and function, but its use has been traditionally limited by its slow data acquisition. Recent advances in compressed sensing (CS) techniques for MRI that exploit sparsity models of images reduce acquisition time while maintaining high image quality. Whereas classical CS assumes the images are sparse in a known analytical dictionary or transform domain, methods that use learned image models for reconstruction have become popular in recent years. The model could be learned from a dataset and used for reconstruction or learned simultaneously with the reconstruction, a technique called blind CS (BCS). While the well-known synthesis dictionary model has been exploited for MRI reconstruction, recent advances in transform learning (TL) provide an efficient alternative framework for sparse modeling in MRI. TL-based methods enjoy numerous advantages including exact sparse coding, transform update, and clustering solutions, cheap computation, and convergence guarantees, and provide high quality results in MRI as well as in other inverse problems compared to popular competing methods. This paper provides a review of key works in MRI reconstruction from limited data, with focus on the recent class of TL-based reconstruction methods. A unified framework for incorporating various TL-based models is presented. We discuss the connections between transform learning and convolutional or filterbank models and corresponding multi-layer extensions, as well as connections to unsupervised and supervised deep learning. Finally, we discuss recent trends in MRI, open problems, and future directions for the field.